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Business

FIRS says agency still in charge of stamp duty collection

The FIRS has stated that contrary to media reports, it is still in charge of the collection of stamp duty.

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FIRS, Nigeria generates N424.71 billion VAT in Q3 2020

The Federal Inland Revenue Service (FIRS) has insisted that it is still in charge of stamp duties collection, reacting to reports that NIPOST has reclaimed stamp duty collection from FIRS.

This was disclosed in a statement by FIRS Director, Communications and Liaison, Mr Abdullahi Ahmad in Abuja on Tuesday.

FIRS said that the Minister of Communication was misquoted when he said NIPOST has reclaimed Stamp Duty collection from FIRS.

READ: Nigeria’s records 6.1 percent tax to GDP as tax base for VAT rise to N23.7 trillion

“The attention of FIRS has been drawn to false publications in some newspapers and electronic as well as social media platforms misquoting a recent speech by the Minister for Communications and Digital Economy on the administration of Stamp Duties in the country.

“For the avoidance of confusion arising from such publications, the FIRS hereby informs the general public, especially taxpayers, that the Minister was misquoted as saying that the administration of Stamp Duty was granted to NIPOST by the Finance Act 2020.

“For the record, the Honourable Minister merely stated that NIPOST would henceforth produce the ADHESIVE STAMPS required by FIRS to denote Stamp Duties.

“This position is in line with Section 2 of the Stamp Duties Act (as amended by Section 46 of the Finance Act 2020),” the revenue collecting agency said.

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FIRS urged taxpayers, tax practitioners and the general public to ignore the “unfortunate attempt to cause confusion by twisting the Minister’s words”, as it remains the only federal agency permitted by law to collect Stamp Duties on behalf of the Federal Government of Nigeria.

READ: CBN holds N43 billion stamp duty charges from banks – FG

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What you should know 

  • The Minister of Communications and Digital Economy, Dr Isa Pantami disclosed last week that Nigeria Postal Service (NIPOST) has reclaimed the collection of stamp duty charges from the Federal Inland Revenue Service (FIRS).
  • It can be recalled the disagreement between NIPOST and the FIRS over who should control the collection of stamp duty became public after the latter reacted to claims by NIPOST that it is operating an illegal stamp duty account.
  • NIPOST, however, denied the accusation saying that the statement is false and was made to misinform and mislead members of the public.
  • Pantami had earlier thrown his weight behind NIPOST, when he faulted the decision of the Federal Inland Revenue Service (FIRS) to collect stamp duty which he insisted is the sole responsibility of NIPOST.
  • The Accountant General of the Federation, Ahmed Idris had earlier stated that the issues between NIPOST and FIRS, related to stamp duties have not been completely settled and that the AGF’s office will broker peace between the two organizations.

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Business

NCC issues NIN enrollment guideline for foreigners living in Nigeria

All legally resident foreigners are required to obtain a NIN just like Nigerian citizens.

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Nigerian Communication Commission (NCC) has issued NIN enrollment guidelines for foreigners living in Nigeria.

According to NCC, all persons in Nigeria who use mobile networks are required to register their SIM cards and link them with the NIN database.

This was disclosed by the commission via its Twitter handle on Thursday.

It tweeted, “All persons in Nigeria who use mobile networks are required to register their SIM cards and link them with the NIN database.

All legally resident foreigners (i.e. non-Nigerians living and working in Nigeria) are to obtain a NIN just like Nigerian citizens. They can do this by submitting valid resident/work permits at NIMC enrolment centres.

However, foreigners on tourist or visiting visa are to tender their international passports to acquire a SIM. But where such a visiting foreigner or tourist’s immigration status changes to residency or work permit, he/she will be required to obtain NIN and link the registered SIM.”

It added that the NIN does not confer citizenship on foreigners but only serves to identify a person (citizens and legal residents).

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FAAC payment: Obaseki replies Finance Minister, says FG should end monetary rascality

Governor Obaseki has urged the FG to take urgent steps to end the current monetary rascality

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Edo State to build Museum, set for more Benin Bronze returns in 2021, Over 13,000 MSMEs benefit from Edo State Government fund 

The Edo State Governor, Godwin Obaseki responded to allegations by the Finance Minister, Zainab Ahmed, over FAAC top-up in March, saying that the state will not “join issues with the Minister” but urges the FG to end the current monetary rascality.

The Edo State Governor disclosed this in a statement on Thursday morning, stating that:

  • While we do not want to join issues with the Finance Ministry, we believe it is our duty to offer useful advice for the benefit of our country.
  • The Finance Minister should rally Nigerians to stem the obvious fiscal slide facing our country.
  • Rather than play the Ostrich, we urge the government to take urgent steps to end the current monetary rascality, so as to prevent the prevailing economic challenge from degenerating further.

READ: Oil theft gulped $1.35 billion in first six months – Obaseki 

The Governor added that he believes the imperative to approach the Nigerian project “with all sense of responsibility and commitment and not play to the gallery”.

In case you missed it

Nairametrics reported that The Nigerian Government stated the claim made by the Edo State Governor, Godwin Obaseki, that N60 billion was printed as top-up for the Federation Account Allocation Committee (FAAC) in the month of March is untrue.

READ: CBN’s Emefiele explains why banks restructured N7.8 trillion loans to customers

“What we distribute at FAAC is revenue that is generated by NNPC, FIRS, Customs… It is not true to say we printed money to distribute at FAAC,” Finance Minister, Zainab Ahmed said.

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